Siemens Energy: Core Segments Performing Extremely Well, And Buybacks Accelerated

Siemens Energy remains a strong buy as fundamentals strengthen, with GT now the primary growth engine and robust cash generation fueling accelerated buybacks. Q2 2026 delivered 8.9% y/y revenue growth, record EUR17.7 billion orders, 220 bps margin expansion, and EUR1.98 billion pre-tax free cash flow, reflecting broad-based segment strength. Grid Technologies outperformed, prompting upgraded FY26 guidance: 25–27% revenue growth and 18–20% margins, with structural margin improvement and significant capacity expansion underway.